Highlights

• Wia Gold secured firm commitments for an AU$125 million placement at AU$0.425 per share, with the proceeds directed towards advancing the Kokoseb Gold Project through development and construction to first production.
• Together with the proposed US$360 million Sprott debt facility and Wia’s existing cash reserves, the placement is expected to complete the funding package required to develop Kokoseb, with first gold targeted for the fourth quarter of 2028.
• The financing follows completion of the Definitive Feasibility Study and will support pre-production expenditure, project development, permitting, environmental and social programs, regional exploration and working capital.

Wia Gold Limited (ASX: WIA) is an Australian gold exploration and development company with mineral assets in Africa. Its primary development focus is the Kokoseb Gold Project in north-western Namibia, where Wia holds an 80% interest through a joint venture with state-owned mining company Epangelo. AU$125 Million Placement Completes Kokoseb Funding PackageWia has secured binding commitments for an AU$125 million equity raising, backed by participation from both new and existing institutional and sophisticated investors. Approximately 294.1 million new ordinary shares are proposed to be issued at AU$0.425 each. Importantly, the offer has been priced at the same level as Wia’s closing share price on 7 August 2026 and at only a 2% discount to the five-day volume-weighted average price of AU$0.434. This pricing indicates the company has been able to secure substantial equity funding without applying a material discount to its prevailing market valuation. The transaction remains conditional on shareholder approval. Equity and Debt Create a Fully Funded Development PathwayThe AU$125 million placement represents one component of a broader financing strategy for Kokoseb. Wia stated that the new equity, when combined with its existing cash reserves and the proposed US$360 million senior secured debt facility from Sprott Resource Lending Corp., completes the funding package required to take Kokoseb through construction to first gold. Sprott’s proposed financing package also includes a US$15 million equity subscription. This combination of equity, debt and existing liquidity gives Wia a defined financing pathway as the company moves from feasibility work into project execution. Fresh Capital Targets Pre-Production DevelopmentWia intends to deploy the placement proceeds primarily across activities required to prepare Kokoseb for construction and production. Capital will fund pre-production expenditure alongside continuing project studies, technical test work and development programs. Resources are also earmarked for permitting and social and environmental activities, which remain important components of the project’s advancement. Beyond Kokoseb’s immediate development requirements, Wia plans to maintain regional exploration and project-generation activities, while part of the proceeds will cover corporate expenditure, working capital and placement costs. Kokoseb Economics Underpin the Financing StrategyThe capital raising follows completion of the Kokoseb Definitive Feasibility Study, which outlined the economic framework supporting the development decision. The study established a maiden Probable Ore Reserve of 1.95 million ounces from 69.8 million tonnes grading 0.87 g/t gold and outlined an initial 14-year mine life. Average production is estimated at approximately 150,000 ounces annually during the first ten years. At an assumed gold price of US$3,600 per ounce, the study generated a post-tax NPV5 of US$1.2 billion and a post-tax IRR of 41%, with the initial US$475 million development capital recovered within 1.8 years.Expanded Resource Provides Additional Project ScaleKokoseb also carries a Mineral Resource Estimate of 3.78 million ounces at 1.0 g/t gold. This comprises an open-pit resource of 3.23 million ounces, including 2.01 million ounces in the Indicated category, alongside a maiden underground Inferred resource of 0.56 million ounces. The resource sits within the Okombahe exploration licence, which forms part of Wia’s larger Damaran Project encompassing nine tenements across more than 2,700 square kilometres. This broader geological footprint provides scope for Wia to continue exploration alongside the planned development of the existing Kokoseb resource. Shareholder Approval Becomes the Next Financing MilestoneDespite receiving firm investor commitments, completion of the placement remains subject to shareholder approval. Wia expects to hold a General Meeting in late September or early October 2026, with settlement and quotation of the new shares scheduled shortly after approval. Once completed, the AU$125 million equity raising would substantially strengthen Wia’s capacity to move Kokoseb into its construction phase. With the DFS completed, a proposed US$360 million debt facility forming part of the broader financing package and first gold targeted for the fourth quarter of 2028, the company is moving closer to transitioning Kokoseb from an advanced gold project into a producing operation.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise. 

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au